I'm going to have to agree with Amy. If you are planning to stay a number of years, I think it is a good time to buy...you'll never be able to pick the bottom or the top of the market, but you do need somewhere to live & owning a home will allow you to gain some equity. Prices in Gregg's Landing have come in considerably in the last few years & this is allowing many first time home buyers to get into the neighborhood they may not have been able to afford a few years back.
If you think you will need/want to move in the next year or 2, you'll probably be better off renting. Although the real estate market will comeback, I don't see a huge upswing in prices in the next 2 years

Sushi, I live in Gregg's Landing (Bay Tree is part of Gregg's Landing) and can tell you there are some great deals in the area including Bay Tree. If you are planning on staying in the home for a few years then I believe it s a great idea to buy. There are also rentals available in the area, but then you don't get the equity when the properties increase which they are sure to do. If you have any further questions, please feel free to contact me at 847-877-9881.

Tough question with out knowing a little more. What price will you be paying, how good is your mortgage, how long do you anticipate living there? Overall, the inventory in Bay Tree is extremely high, meaning buyer's market and the long term fundamentals are good for the neighborhood. Popular style, greta location with in a sought after community. If you have a specific one your are interested and you currently are not working with a buyer's agent, I would be happy to do a market anlaysis for you.